Afreximbank to Help Enhance Liberia’s Development

Eric Monchu Intong Regional Chief Operating Officer, Anglophone West Africa, Afreximbank, has said that the bank is here to ensure collaborative efforts with public and private institutions to enhance trade and infrastructural development in Liberia.

Despite substantial investments in the country already in major national infrastructures, Intong disclosed that Afreximbank stands ready to partner with the public and private sectors of Liberia in advancing development through trade promotion, trade facilitation, and trade financing, in line with the Bank’s mandate.

The continental bank’s Regional Chief Operating Officer, Anglophone West Africa, spoke at the opening of the second edition of the AFREXIMBANK Liberia TRADE ROADSHOW held on Tuesday, March 19.

Meant to enhance the capacity of financial institutions in Liberia, the event was organized by Afreximbank and the Ministry of Commerce and Industry. It was held at the EJS Ministerial Complex under the theme: “Advancing Economic Development in Liberia through Trade.”

Liberia is a member state of Afreximbank and an integral part of the Bank’s Pan-African agenda. The bank has and is financing the development of key infrastructure, among others, the Klay road in Bomi County; the 45km capital city-Roberts International Airport road under construction, and the Jahmale Medical Solution Centre at E.L.W.A. Junction.

Despite these huge investments of millions of dollars, Intong noted that the bank is ever ready to invest more in the country in order to prepare it for the intra-continental trade initiatives that Africa needs.

Last year, the Bank organized a roadshow here and approved and disbursed facilities for some Liberian companies whilst other transactions are at various stages of credit approval.

“This year’s roadshow is built on the foundation that was laid during last year’s roadshow,” Intong said. “This roadshow aims to equip Liberia’s business community with information on Afreximbank’s initiatives, programs and facilities aimed at promoting Intra-and-Extra African Trade”

He named some programs such as The Africa Trade Gateway comprising Mansa KYC repository to change the risk perception of African entities; PAPSS to enable intra-African Trade payments to be made in the 42 currencies in Africa; Afreximbank-Africa Collaborative Transit Guarantee Scheme, to facilitate the movement of goods and services under the African Continental Free Trade Area Agreement, and the Africa Trade Exchange for the sale and purchase of key agricultural input, such as fertilizers.

Others are Trade Intelligence and Trade Regulation Intelligence, to make available trade information; African Medical Centre of Excellence (AMCE) to turn African countries into medical tourism hubs, Afreximbank Africa Trade Centres (AATC); Africa Quality Assurance Centres (AQAC); Credit, guarantees, and advisory & Capital Markets to provide financing solutions to the public and private sectors of the 52 member countries.

The Minister of Commerce and Industry, Amin Modad, said that the government is working to remove bottlenecks that will impede trade in the country. He said no government has the capacity to improve the lives of its people in the absence of a vibrant private sector that has all the right policies that could make it strive.

 He highlighted ‌investing in agriculture, which can only be made possible with the availability of capital or finance, leverage that institutions like Afreximbank, have. He urged Liberians to take advantage of the huge opportunities that the continental bank presents.

Meanwhile, the Roadshow focused on promoting trade within the African continent, with a specific emphasis on supporting businesses and institutions involved in trade to explore opportunities for trade financing and structuring support.

It featured discussions with government and business entities on funding initiatives aimed at increasing Liberia’s participation in intra-Africa trade. One of the highlights of the roadshow was Afreximbank’s funding support for African businesses and institutions, with LOITA Capital Partners playing a critical role as the most convenient partner for entities and institutions seeking funding from Afreximbank within the African continent.

Financial institutions, along with stakeholders in the trade industry, graced the event—taking advantage of the opportunities available to finance and develop their businesses.